The newest multi-unit Luxury Residences in Sedona have gone through some major change recently.... Park Place Luxury Residences have dropped prices across the board in order to sell out Phase I of this project.  Karen Dunlap and Rick Wesselhoff of Coldwell Banker First Affiliate have been chosen to represent the developer of Park Place Sedona in the sale of the remaining 7 available unsold units.  They range from 575k up to 799k and have incredible views of the many red rock canyons west of Sedona. 

Park Place is located in prestigious West Sedona near world-class shopping, dining, cultural, medical, golf and spa amenities and commands dramatic vistas and red rock panoramas from its convenient in-town location. Park Place luxury condominiums in Sedona combine sophisticated Old World designs with elegant interior and exterior finishes, creating Sedona's most sought after new address with residences priced from the low $600,000's to $800,000.

Each residence offered at Park Place ranges from 1,832 to 2,275 square feet, not including the private, spacious patios that could be considered outdoor living rooms. Incorporating an "Italian influenced" design, each home also includes distinctive, upscale finishes. Standard amenities include Viking appliances, hardwood kitchen cabinets, granite countertops, Kohler plumbing fixtures, large windows, gas fireplaces, state-of-the-art security systems and pre-wiring for surround sound and ceiling fans.

Park Place celebrates an active lifestyle, offering homeowners a community recreational area complete with a fully equipped fitness room, men's and women's locker rooms with steam and sauna, and an owner's club room for meetings and private parties. The Sedona Racquet Club and Spa with a year-round pool and eight clay tennis courts is just minutes from Park Place. Residents who enjoy Sedona for just part of the year will find Park Place an ideal option for a second home as it is a gated community with underground parking and year-round grounds maintenance.

Sedona Park Place

This November there's going to be a Citizens Initiative on the ballot that will directly affect your pocketbook.  This initiative is Article 9, Section 24 - and will prohibit new taxes on the transfer or sale of your home, land, or business.  Typically, once these Transfer Taxes are initiated, the rate can be increased by the state, county or city at will.  This act that we're all voting on will once and for all eliminate the idea that such a tax can be enacted. 

 This transfer tax that the measure opposes will be anywhere from 1% to 4% of your home's value... so if you're selling your $500k home, then you'll pay anywhere from 5k up to 20k in additional government taxes upon the sale.  If youre against this "Double Taxation" then vote YES this November to protect your home's equity.  This constitutional amendment will make it almost impossible for the government to reach into your home's value... if you vote YES on Article 9, Section 24 in November 2008!!! 

 I'll write more on this when we get closer to election day....

www.SedonaHomesandLand.com

Well, he doesn't really own a home in Sedona, but he loves the area and has a home just outside the city limits in Cornville, AZ.  When he dropped out of the presidential race 4 years ago (or was it 8) he hosted a huge press conference atop Airport Mesa right in West Sedona.  He's a big fan of the area and always mentions his "home in Sedona".  Which brings the following thought to mind... if he's elected president will it affect the Sedona real estate market??  There have already been prelim meetings with Police, Fire, and the Sedona Airport to discuss new protocols if he should make the office.  I wonder how the market in Crawford TX, Kennebunkport Maine, and Chappaquidick (sp?) NY were affected.... and ideas???

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Telluride Style in Sedona...  Colorado inspired architecture and design showcased in this custom creekside residence in sunny Sedona Arizona.  This builder's masterpiece is within the gated enclave of Cross Creek Ranch, which is bordered by National Forest, Red Rock State Park, and Oak Creek.  Single level home with all 4 bedrooms opening out onto covered patio with views and sounds of the rushing Oak Creek flowing nearby.   The home sits high above, but faces directly towards the towering Sycamore trees and scattered river rocks and approx. 300 ft of creek frontage.  Interior of home features Douglas Fir rough sawn beams with exposed steel gusset plates. Gourmet kitchen features knotty alder cabinetry, a 6x8 island made of 3cm granite, Viking appliances, walk in pantry and separate wine storage room.  This home also features a formal dining room, billiards room, exercise room, and home theater.  The living room is perfect for entertaining with its cathedral ceilings and telescoping sliding doors to fully open the home to the creekside patio where you and your guests can enjoy the sounds and atmosphere of the rushing waters of Oak Creek.  

 See more pictures, virtual tour and info on this home

Spring has come early in the Sedona Luxury Real Estate Market - there's been a flurry of activity already this year in the $1M-$1.5M range.  There are currently a handful in escrow and lots of other lookers trying to negotiate a deal in this range.   Activity seems to be high right now... it doesn't hurt that it will be 70 degrees or more and no clouds for a few months.  That always makes an impression on people from out the area.   It also helps that prices are reasonable due to the increased inventory.  (that is to say... sellers realize the increased inventory and most have made adjustments to price accordingly)  The $2M+ range is lagging, but they're getting some looks too - nothing in writing just yet though. 

 Read more and see Luxury Sedona Real Estate  

About 20 miles from Sedona there's a planned community in Clarkdale AZ named Mountain Gate.  It's a development done by Empire Homes done in several phases with about a dozen or more different floorplans.  A few years back it was the rage because they were building for a price unheard of in Sedona... and it was appealing to buyers looking for local property (without the red rock views or Sedona mailing address) for an affordable price.  Well, it all came tumbling down a week or two back when Empire declared bankruptcy.  It's in all the local papers and it's affecting lots of people that live there.  The homebuyers were promised a clubhouse, pool, workout facility... that will now never be built.  There's also the chances that unpaid subcontractors can put mechanic's liens on the houses.... this can happen up to 150 days after construction is finished.  All in all, it's an ugly finish to a preplanned community that's suffering due to the current state of the economy...

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Springtime is here in Sedona and with it come the travelers and sunseekers from all over the country.  This year we're also seeing a fair number of investors coming back to town due to the fantastic deals that can be had in just about every price category.   No matter what price range buyers look in... they'll find a smattering of underpriced homes that can only make them smile.  For a while it was the under $600k market that saw it's fair share of short sales and foreclosures, but now there are some in the $800-$1M range and some over $1M as well...  They're changing the look of Sedona real estate and if you're a buyer that's been waiting for an opportunity to purchase Sedona Real Estate on the cheap - then now's the time.  Future prospects for Sedona properties are still good - I wouldn't advise buying anything to "fix and flip" - but buying Sedona real estate for a long term investment now looks more intelligent than ever.  There is twice the inventory of a few years ago, and prices have come down 10-15%... so if you've been putting off your Sedona dreamhome,  don't wait much longer.  The real estate market like all markets are cyclical... it will come back - and 10 years from now you'll be able to laugh that you bought a home in Sedona for a song....

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The president's plan to relieve homeowners is about to take place.  My understanding is that the limits for conventional loans will be pushed up in Yavapai County.  That is to say... you'll be able to obtain a loan for up to the low 700k range as a normal loan.  In the past, anything over 417,000 was a JUMBO loan - requiring more paperwork, effort and additional cost (in the way of higher rates).  This effectively pushes the Jumbo rate up to the mid 700's and above.  This will help Sedona area homebuyers because our pricing is higher than the national average.  This should fuel a rise in refinances and also home purchases in the area.  Currently there's a lot of inventory of homes over 800k... but this should convince a few people who are on the fence into buying.  Look for inventory to gradually fall...

 Sedona Homes and Land

I've heard of a case that shows how lenders are tightening up... and this might help you when looking for a Sedona home.  Recently, a self-employed buyer with 750+ credit score was trying to buy a Sedona home with 20% down.  A certain lender told the buyer that because the market is sliding, that he'd need to put an additional 5% down to secure the loan.  The buyer ended up shopping the loan with a few other local lenders and found one quickly who would lend money to him.  These tight restrictions are starting to affect us here in town, but if you look around, there are plenty of good local lenders to steer you though the process without a scratch.  This is just another reason to use local lenders when you buy a home in Sedona!

Sedona Real Estate

I understand through a few channels that local appraisers aren't using Short Sales and Foreclosures when evaluating market value of properties that are not in distress.  My take is that this is a good thing, but what do you think???

 Sedona Real Estate